Top 8 Experiences to Buy Good, Economical Auto Insurance

buy auto insurance
Latest update date: February 19, 12

Car insurance is a financial tool that helps protect assets and vehicle users from unexpected risks that occur during operation. When participating in insurance, you will be supported by an insurance company to pay for expenses arising from incidents such as accidents, fires, theft, natural disasters, etc.

According to a study by the Insurance Information Institute (2023) in its 'Global Auto Insurance Trends' report, auto insurance reduces 78% of the financial risk for car owners in the event of accidents and damages.

Owning a car is not just a purchase, but also comes with the responsibility of protecting your property and safety as well as those around you. One of the most important steps after buying a car is choosing and purchasing the right car insurance. Below are 8 valuable experiences to help you choose the best and most economical car insurance package.

buy auto insurance
Best experience buying auto insurance

Learn about auto insurance

There are 4 types of auto insurance on the market today:

  • Compulsory civil liability insurance for motor vehicle owners: This is the type of insurance that all vehicle owners must participate in according to the law. The maximum compensation for personal injury is 150 million VND/person and 100 million VND for property damage.
  • Civil liability insurance for transported goods: Protects the interests of goods during transportation.
  • Motor Vehicle Physical Damage Insurance: Protects your vehicle from damage caused by accidents, fire or natural disasters.
  • Accident insurance for passengers: Ensures benefits for drivers, assistant drivers and passengers in case of accidents.

Choose a reputable insurance company

Choosing a reputable insurance company is very important. You should research companies such as:

  • Bao Viet
  • Bảo Minh
  • PTI (Post and Telecommunication Insurance Corporation)
  • PVI (Vietnam Oil and Gas Insurance)
  • Liberty Mutual Insurance

Consider criteria such as fees, claims procedures, customer service and company reliability.

According to Dr. Michael Thompson, insurance expert at Harvard Business School (2023): 'The reputation of an insurance company plays a decisive role in up to 65% of the ability to successfully resolve compensation.

Choose the right insurance package

When choosing an insurance plan, consider the value and intended use of your vehicle:

  • For mid-range cars, you can choose physical and flood insurance.
  • For high-end vehicles, consider adding comprehensive or partial theft coverage.
buy auto body insurance
Choose the most suitable insurance package

Read the insurance documents and contracts carefully.

Before signing the contract, read the terms and conditions in the brochure and contract carefully. This will help you avoid misunderstandings about your rights and obligations. If anything is unclear, ask the consultant to explain it specifically.

Understand your rights and responsibilities

Knowing your rights and responsibilities will make it easier for you to claim compensation when an accident occurs. Make sure you know how to claim and the necessary documents to avoid delays.

Choose a reasonable deductible

A deductible (or deductible) is the amount of money you must pay out of pocket before the insurance company begins paying out. A high deductible can help lower your premiums, but it can also make things harder in the event of an accident. Consider choosing a deductible that fits your budget.

Master the claims process

Claim procedures can be complicated, so do your research and prepare all necessary documents such as accident reports, vehicle registration, personal documents, etc. This will help you avoid problems during the claim process.

According to JD Power's (2023) 'Insurance Claims Satisfaction Study', understanding the process and preparing complete documents increases the success rate of claims by up to 89%.

auto insurance compensation
Master the insurance claim procedure

Find out carefully the items that are not covered

Every insurance plan has its own limitations, so make sure you know what is not covered to avoid unnecessary risks in the future. This also helps you choose an insurance plan that is more suitable for your actual needs. Buying car insurance is an important decision that helps you feel more secure when participating in traffic. Apply the above experiences to ensure that you choose the best insurance plan for your car!

Above is all the necessary experience that the insured need to learn before choosing to buy insurance. Please choose carefully before buying so you and the car are best protected.

FAQ – Frequently Asked Questions

1. Is auto insurance mandatory?

Civil liability insurance Motor vehicle owner's liability insurance is a compulsory insurance according to Vietnamese law. The maximum compensation for personal injury is 150 million VND/person and 100 million VND for property damage.

2. What factors determine car insurance premiums?

Charges car insurance depends on many factors such as the value of the vehicle, the type of insurance, the age and driving experience of the driver, as well as the accident history of the vehicle owner.

3. What is the average compensation period?

The average compensation time ranges from 7 to 30 days, depending on the nature of the case and the settlement process of each insurance company.

4. What types of additional insurance are available for cars?

Additional types of insurance include theft of parts, rental car liability, and natural disaster damage insurance.

5. How to handle traffic accidents?

When an accident occurs, you need to stay calm, call the authorities to make a report, collect information from relevant parties and take photos of the scene. Then, immediately notify the insurance company for specific instructions. In addition, when a car is flooded due to rain and flood, is it covered by insurance? See details at the link: https://thanhphongauto.com/bao-hiem-tra-phi-o-to-ngap-nuoc/.

6. Where to buy reputable and good priced auto insurance?

Thanh Phong Autoo not only provides insurance cards but also brings a comprehensive solution to car owners in Ho Chi Minh City. With many years of experience in the auto repair and maintenance industry, Thanh Phong Auto has established close relationships with reputable insurance companies such as Bao Viet, Liberty, MIC - Military, and Aviation - VNI. This helps customers easily access a variety of insurance packages, suitable for the needs and financial capabilities of each individual.

Thanh Phong Auto - Affiliated garage provides many types of prestigious auto insurance
Thanh Phong Auto – Affiliated garage provides a variety of prestigious auto insurance

Highlights of auto insurance sales service at Thanh Phong Auto:

  • Professional advice: Our enthusiastic and experienced staff will help customers understand the terms, conditions and coverage to make the most accurate choice.
  • Ensuring maximum benefits: Thanh Phong Auto commits to providing clear information about each type of insurance, helping customers avoid unnecessary risks when incidents such as accidents or theft occur.
  • Quick procedure: The service supports quick compensation procedures, ensuring that customers are not delayed in receiving benefits when an incident occurs.
  • Link with many insurance companies: Customers will not be tied to a single insurance company but can choose between many different service packages, from compulsory insurance to voluntary packages.
  • Repair under compensation authorization: Thanh Phong Auto directly assesses and repairs accident vehicles, helping customers feel secure about service quality and their rights.

With Formula "Honesty - Dedication - Responsibility“, Thanh Phong Auto constantly strives to bring customers the best services in the field of auto insurance. Customers can be completely assured when choosing Thanh Phong Auto as a partner in protecting their valuable assets. Come to us for advice and experience reputable, quality auto insurance sales services today!

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